ICENI INTERIORS LIMITED

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

ICENI INTERIORS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 07531735 . The registered office is 167-169 Great Portland Street, London, W1W 5PF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant & Machinery	25% straight-line
Motor Vehicles	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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ICENI INTERIORS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.5. Financial Instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.6. Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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ICENI INTERIORS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.7. Operating Leases: the Company as a lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.8. Finance Costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9. Borrowing Costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 2)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 October 2024	4,806	15,578	20,384
Additions	858	-	858
Disposals	(4,108 )	(15,578 )	(19,686 )

As at 30 September 2025	1,556	-	1,556

Depreciation
As at 1 October 2024	4,147	9,007	13,154
Provided during the period	372	-	372
Disposals	(3,972 )	(9,007 )	(12,979 )

As at 30 September 2025	547	-	547

Net Book Value
As at 30 September 2025	1,009	-	1,009

As at 1 October 2024	659	6,571	7,230

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	29,200	44,955
Other debtors	319,616	283,713
Tax recoverable	93,078	56,306

	441,894	384,974

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ICENI INTERIORS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	35,690	14,370
Bank loans and overdrafts	7,566	7,229
Other loans	5,079	33,850
Corporation tax	240,936	194,647
Other taxation and social security	66,084	71,428
Other creditors	52,095	42,051
Accruals	6,610	3,311

	414,060	366,886

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	26,070	33,304
Other loans	818	3,162

	26,888	36,466

8. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	253	1,808

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	2,916	5,832
Later than one year and not later than five years	-	2,916

	2,916	8,748

11. Directors Advances, Credits and Guarantees

At 1 October 2024, the director owed the Company £249,019. During the year, the director withdrew a further £140,772. The balance was reduced by cash repayments of £79,284, dividends credited to the loan account of £26,000 and expenses of £8,715 paid personally on behalf of the Company. At 30 September 2025, the director owed the Company £275,792.

The loan is interest-free, unsecured and repayable on demand. Section 455 tax has been provided for on amounts not repaid within nine months and one day of the year end.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,009		7,230

			1,009		7,230
CURRENT ASSETS
Debtors	5	441,894		384,974
Cash at bank and in hand		233		2,704

		442,127		387,678
Creditors: Amounts Falling Due Within One Year	6	(414,060 )		(366,886 )

NET CURRENT ASSETS (LIABILITIES)			28,067		20,792

TOTAL ASSETS LESS CURRENT LIABILITIES			29,076		28,022

Creditors: Amounts Falling Due After More Than One Year	7		(26,888 )		(36,466 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(253 )		(1,808 )

NET ASSETS/(LIABILITIES)			1,935		(10,252 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			1,835		(10,352 )

SHAREHOLDERS' FUNDS			1,935		(10,252)